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Income Tax : Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is ...
Income Tax : This article examines whether educational institutions with receipts up to Rs. 5 crore must obtain RNPO registration to claim exem...
Income Tax : This article explains why ELSS redemption gains are taxable despite offering tax deductions at the time of investment. It highligh...
Income Tax : Learn how the increased Rs. 1.25 lakh exemption and 12.5% LTCG tax rate apply to listed shares and equity mutual funds. The guide ...
Income Tax : The Income Tax Department explains how the e-Verification Scheme addresses mismatches between reported financial transactions and ...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : ITAT Delhi held that cash deposits arising from recorded and accepted cash sales cannot be added as unexplained cash credits under...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures cannot be equated with call options and that no option premium arose fro...
Income Tax : ITAT Bangalore held that RBI's classification of compulsorily convertible debentures as equity for FDI purposes cannot determine t...
Income Tax : ITAT Delhi held that no disallowance under Rule 8D(2)(ii) could be made where investments yielding exempt income were financed fro...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures retain their character as debt until conversion into equity. It deleted ...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Uptill the AY 2020-21, a domestic company was liable to pay the Dividend Distribution Tax (DDT) under section 115-O of the Income Tax Act, on any dividend distributed by it to the shareholders. Consequently, shareholders were exempt from paying tax on such dividend income by virtue of section 10(34).
Any amount received / receivable by a specified category of an employee under the voluntary retirement scheme or under the voluntary separation scheme is exempted under section 10(10C) of the Income Tax Act. Under the present article, exemption provisions of section 10(10C) are taken up and explained meticulously. Provisions of section 10(10C)– Provisions of section […]
There are two major benefits which are available under the Income Tax Act, 1961 and Companies Act, 2013, in respect of the consolidated amount of donation i.e. 1. U/s 80G, 100% deduction is available to the employees and employers on the part of their contribution. 2. The amount contributed by the employers is eligible for computation of contribution under ‘Company Social Responsibility (‘CSR’) Fund.
Principles of law governing re-assessment under Income Tax Law (Section 147 and 148) (i) The Court should be guided by the reasons recorded for the reassessment and not by the reasons or explanation given by the Assessing Officer at a later stage in respect of the notice of reassessment. To put it in other words, […]
Sub: Opinion on Section 80-IBA of Income Tax Act, 1961 (i.e Affordable Housing Scheme) (I) Facts of the Case: Brief Description on Section 80-IBA of Income Tax, 1961 (Housing For All) Scheme. (II) Analysis : Provisions of Section 80- IBA of Income Tax Act, 1961: (1) Deduction of 100% profits to Affordable Housing Projects: Where […]
1. Important Information on Download 197 Certificate for Section 194M -Only TRACES Registered users can Download 197 Certificate for Section 194M from F.Y 2019-20 onwards. -Deductor (after login as a Taxpayer on TRACES) can download 197 certificate if request of Form-13 is approved by Assessing Officer. -Deductor can view or download 197 Certificate for Section […]
Co operative Credit society providing banking or credit facility to its members is taxable under section 80P or not? Meaning and Definitions: 1) Meaning of Co operative Society: Section 2(19) of IT Act, 1961: ‘Cooperative Society’ means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law […]
New TCS Section 206C(1H) is made effective from 01.10.2020 vide Finance Act, 2020 and it mandates that -A Seller of Goods is liable to collect TCS on Sale of Any Goods from Buyer -TCS to be collected if the Value/Aggregate Value of Goods is more than 50 Lakhs -TCS to be collected on [ Total […]
Removal of DDT (Dividend Distribution Tax) by Finance Act, 2020 (FA 2020) and its impact on other provisions of Income Tax Act, 1961 Existing Provisions (before amendment): Section 115-O provides that, in addition to the income-tax chargeable in respect of the total income of a domestic company, any amount declared, distributed or paid by way […]
ह्रास का अर्थ यदि कोई व्यापर या पेशा किया जाता है तो उसमें आयकर बचाने का सबसे अच्छा तरीका यह है कि ह्रास के खर्चे को क्लेम किया जाये। हालाँकि ह्रास का खर्चा कैश में किये जाने वाला खर्च नहीं है, लेकिन फिर भी आयकर कानून में इसकी छूट दी जाती है। लेकिन, बहुत से लोगो […]
